Atea Pharmaceuticals (AVIR) Q3 2026 earnings summary

Executive summary

• C-BEYOND met its primary and secondary endpoints, demonstrating non-inferiority of BEM/RZR versus SOF/VEL; C-FORWARD topline results are expected in early 2027.

• AT-587 advanced into Phase 1 for chronic HEV; a Hercules Capital facility provides up to $200 million in financing.

Financial highlights

• Q3 2026 operating expenses were $34.013 million, including $27.091 million of R&D and $6.922 million of G&A; operating loss was $34.013 million.

• Q3 net loss was $32.162 million versus $42.0 million in Q3 2025; basic and diluted loss per share was $0.40 versus $0.53.

• 9M 2026 operating expenses were $117.120 million versus $126.0 million; net loss was $110.535 million versus $113.5 million.

• 9M operating cash use was $112.3 million; investing activities provided $114.1 million, mainly from securities sales and maturities.

Outlook and guidance

• C-FORWARD topline results are expected in Q1 2027; pending positive results, a US NDA submission is targeted for Q2 2027 or mid-2027, with an EMA submission targeted for late 2027.

• Cash, cash equivalents and investments, together with the initial $65 million facility draw, are expected to fund planned operations into mid-2028; additional borrowing is conditional on milestones and other terms.

• AT-587 Phase 1 results are expected early 2027; a proof-of-concept study is planned for H1 2027, with preliminary results expected late 2027.

• Planned spending includes HCV Phase 3 completion, NDA-enabling and commercial-scale manufacturing work, potential launch preparation, and HEV development.